Smart Thermostat Market by Component (Display, Humidity Sensor, Temperature Sensor), by Deployment (Wired Technology, Wireless Technology) and Application (Residential, Commercial and others) – Forecast to 2022
According to a recent study report published by the Market Research Future, The global market of Smart Thermostat is projected to grow at a rapid pace during the forecast period (2016 – 2022). The Market is forecasted to demonstrate a momentous growth by 2022; with a striking, double digit CAGR during the forecast period 2016-2022. The Global Smart Thermostats Market is expected to grow at USD ~3.5 Billion by 2022, at a CAGR of ~23.4% during 2016-2022.
Smart Thermostat can be defined as automation device utilized for controlling air conditioning and heating of HVAC system in commercial and residential buildings. These devices enable the users to control the heating and cooling of the system through both the technology that includes wired and wireless. The growing internet penetration and raising demand of IoT based services acts as a major driver for the growth of the Smart Thermostat market. Growing urbanization and raising demand of connected & smart homes has created an immense opportunity for the growth of the Smart Thermostat market.
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MRFR Analysis indicates that decrease in energy wastage and high energy saving features in these devices has led an awareness among consumers; eventually has boosted the market growth of Smart Thermostat devices. With the use of these smart technology enabled devices, the consumer can remotely control his home’s temperature with the help of tablets, smartphones or desktop and among others. Moreover, the Smart Thermostat used for the residential applications helps to change the temperature with the help of a dial or a control panel.
On the other hand, the factors such as lack of infrastructure, high implementation cost and inconsistency among the wireless networks are some of the restraining factors for the growth of smart thermostats market. Besides Complex Programming of a Smart Thermostat is also anticipated to pose as a challenge to the market growth of smart thermostat. The software and touchscreen display panel can be tricky to learn. If one is not into reading a manual and figuring out all the buttons and software, however, this situation can be tackled with the help of a professional and by researching the desired options.
Smart Thermostat Global Market – Competitive Analysis
The Smart Thermostat market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. Emphasising upon new product development initiatives, and geographical expansion; Marketers compete based upon price, product differentiation and brand reinforcement. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Increasing collaborations and partnerships with utilities and energy agencies and technology experts have gained popularity in this industry. Some marketers are anticipated to offer products at an aggressive pricing option as a part of its highest rebound program. To sustain their market position and to gain the competitive edge, marketers are relying on their ability to identify and explore the emerging technological trends while developing and maintaining competitive products.
- Nest Labs, Inc.(U.S.)
- Emerson Electric (U.S.)
- Schneider Electric (France)
- Honeywell International Inc.(U.S.)
- Carrier Corporation (U.S.)
- Tado (Germany)
- Ingersoll Rand (Ireland)
- Nortek, Inc. (France)
- Ecobee (Canada)
- Control4 Corporation (U.S.)
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Smart Thermostat Global Market – Segments
The Smart Thermostat Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Component : Comprises Display, Humidity Sensor, Temperature Sensor and other.
Segmentation By Deployment : Comprises Wired Technology, Wireless Technology and other.
Segmentation By Application : Comprises Residential, Commercial and others.
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Smart Thermostat Global Market –Synopsis
Many advancements have been made in thermostats since the electric tele-thermoscopes hit the market in 1883. Digital is yesterday’s technology. The latest technology in cooling and heating your home or office is the smart thermostat.
Geo-location fencing uses cell phone’s location to adjust the temperature in home or office. When the phone leaves the area, the thermostat switches to the pre-set temperature, and when the phone is within a few miles from the location, it begins heating or cooling to your comfort level.
Smart thermostats, when programmed and used properly for the space, lower energy consumption. Saving energy means reduced carbon emissions and a smaller carbon footprint. The Smart Thermostat minimize temperature swings by cutting on or off closer to the desired temperature than manual thermostats.
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Smart Thermostat Global Market – Regional Analysis
The regional analysis of Global Smart Thermostat Market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America region is dominating the Smart Thermostat Market owing to factors such as increased internet penetration and technological advancements. The study also indicates that cloud deployment and raising demand of energy efficient devices is a driving factor for Asia-Pacific region to grow significantly in the Smart Thermostat market by the forecast period. Apart from it the rising adoption of IT services is also driving the Smart Thermostat market.
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